The Strategic Moves of Ethereum Whales Amidst Price Surges

As the price of Ethereum continues to surge, significant accumulators in the market have been making strategic moves to capitalize on the momentum. According to insights from EmberCN, a major player has added 20,279 ETH, valued at approximately $68.38 million. This ETH stack was acquired through Coinbase Prime and Galaxy Digital, showcasing a strong vote of confidence in the cryptocurrency.

Notably, over the past 8 days, this accumulating entity has gathered a total of 111,609 ETH, amounting to a staggering $343.38 million in value, as reported by Lookonchain. Moreover, OnchainLens drew attention to the activities of World Liberty Financial (WLFI), a DeFi project backed by former President Donald Trump, which recently acquired 3,007.4 ETH, valued at around $10 million.

EmberCN revealed that WLFI had previously accumulated 184,115 ETH, worth $390 million, at an average rate of $2,118 between February 26 and June 20. However, the latest data indicates that they have begun converting their ETH holdings into stablecoins. Since initiating these conversions on 7/11, WLFI has successfully converted 3,626.6 ETH into 11.2 million USDC, achieving an average selling price of $3,089 per ETH.

Furthermore, EmberCN reported that this accumulating entity has withdrawn a total of 88,292 ETH, equivalent to $250 million, from Kraken in the past week. Despite these withdrawals, they still retain 35,022 ETH, valued at $117.5 million. Additionally, Argot Collective, a non-profit organization, recently sold 1,210 ETH for 4.09 million USDC, further emphasizing the growing trend of converting ETH holdings into stablecoins amidst the current market conditions.